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Ahead of the extended weekend, front month corn futures are pulling back 3 1/4 to 4 cents. In this morning’s Export Sales report, corn bookings were 623,781 MT (24.577 mbu). That came via 14.21 mbu old crop sales, which were below estimates, and 10.34 mbu of new crop sales. Cumulative commitments through the first 43 weeks of the MY reached 1.666 bbu. That is down 13.5% yr/yr and 93.8% of the forecasted export total (5-yr avg is 100%). USDA also reported a large private export sale of 202k MT of new crop corn to China, via the daily sales announcements. Grain processors used 299.93 mbu of corn for ethanol in May. May DDGS production was 1.234 million tons.

Jul 20 Corn is at $3.45, down 3 1/4 cents,

Sep 20 Corn is at $3.46 1/2, down 4 cents,

Dec 20 Corn is at $3.56 1/2, down 4 cents,

Mar 21 Corn is at $3.67 3/4, down 3 3/4 cents,

--- provided by Brugler Marketing & Management

Soybean futures are firmly lower at midday, with price drops limited to a penny in the front months. Soymeal futures are also in the red with $0.60/ton drops. July bean oil is trading 9 points in the green so far. Private exporters reported a large sale of 126,000 MT of new crop beans to China. In the weekly Export Sales report, old crop bean sales were 241,678 MT. That was below pre-report estimates and down 70% yr/yr. Soybean export shipments were 389,011 MT on the week ending June 25, which was up 28.7% wk/wk, but 47% lower yr/yr. New crop bean sales were above estimates at 841,650 MT. The total forward sales are up to 254.88 mbu. China has booked 58.17% of the total forward sales. For soymeal, USDA reported sales at 143k MT for the week. That was up sharply yr/yr. Total soymeal commitments are still trailing 2018/19 by 2% through June 25. Bean oil export sales were a 25-week low of 2,834 MT. Yesterday’s Fats and Oils report showed May bean crush at 179.533 mbu. Bean oil stocks on hand at the end of the month were 2.447b lbs.

Jul 20 Soybeans are at $8.92 3/4, down 1 cent,

Aug 20 Soybeans are at $8.91 1/4, down 1/4 cent,

Sep 20 Soybeans are at $8.90 1/4, down 1 cent,

Nov 20 Soybeans are at $8.98, down 1 cent,

Jul 20 Soybean Meal is at $292.10, down $0.60

Jul 20 Soybean Oil is at $28.30, up $0.09

--- provided by Brugler Marketing & Management

Double digit losses in the front month wheat futures through Thursday’s midday trading session. HRW futures are down the most at midday with 8 1/2 to 11 1/2 cent losses. Chicago SRW wheat is trading 6 1/2 to 7 3/4 cents lower so far. MPLS spring wheat is 4 to 8 1/2 cents in the red at midday. Weekly wheat export sales were on the high end of expectations, reported at 414,254 MT on the week ending June 25. That was down 20% wk/wk but exceeded the same week last year by 50%. Wheat shipments were 508,628 MT on the week bringing the MY total through week 4 to 1.878 MMT. Mexico (8k) and unknown (67k) had purchased 75,000 MT of 2021/22 wheat. Thailand is seeking 236,800 MT of optional origin wheat in an international tender.

Jul 20 CBOT Wheat is at $4.91, down 7 3/4 cents,

Jul 20 KCBT Wheat is at $4.31, down 11 1/2 cents,

Jul 20 MGEX Wheat is at $4.98 3/4, down 8 1/2 cents,

--- provided by Brugler Marketing & Management

Front month futures are trading triple digits higher with gains of as much as $1.40 so far. Front month feeders are also up by triple digits at midday with gains of $1.07 to $167. June 30 Feeder Cattle index was down another 29 cents to $129.13. USDA reported moderate Wednesday cash activity mostly at $95. On Wednesday, live cash sales went $95-96 in all feeding regions, and dressed sales were $154 to $155. USDA reported beef export sales at 12,326 MT on the week ending June 25. That was down 50% from last week, and down by 34% yr/yr. Beef shipments are back to even with 2019’s pace, as 381,827 MT have been shipped YTD through June 25. Wholesale boxed beef prices started July with more weakness. Choice boxes were down by $1.59 and select boxes were $1.47 lower, narrowing the Chc/Sel spread to $6.95. The WTD estimate for FI cattle slaughter through Wednesday is 363,000 head. That is just 1,000 behind the same week last year.

Aug 20 Cattle are at $98.625, up $1.325,

Oct 20 Cattle are at $101.950, up $1.275,

Dec 20 Cattle are at $105.425, up $0.925,

Aug 20 Feeder Cattle are at $134.150, up $1.075

Sep 20 Feeder Cattle are at $135.450, up $1.425

Oct 20 Feeder Cattle are at $136.325, up $1.425

--- provided by Brugler Marketing & Management

Ahead of the Independence Day extended weekend, lean hog futures are down 7 to 42 cents. The lean hog market traded lower on Wednesday. August lean hog contracts are again the outlier, up by 12 cents at midday. The CME Lean Hog index for June 29 was just a penny stronger at $45.24. The National Average Base Hog price was $28.66 yesterday, up by another 20 cents. The weekly Export Sales report from USDA showed pork bookings on the week ending June 25 at 39,151 MT. That was a 9-week high and up 66.5% yr/yr. Of the week’s pork sales, 55% were to China. China was the destination for 38% of the week’s pork shipments, bringing their YTD total to 401,1665 MT via the less comprehensive weekly report. USDA’s National Pork Carcass Cutout Value was 50 cents stronger on Wednesday. USDA estimated WTD hog slaughter at 1.406 million head through Wednesday. That is down by 8,000 head vs. the same point in 2019.

Jul 20 Hogs are at $44.725, down $0.075,

Aug 20 Hogs are at $49.200, up $0.125

Oct 20 Hogs are at $47.900, down $0.375

--- provided by Brugler Marketing & Management

Cotton futures are in the red at midday with losses of 2 to 27 points so far. USDA’s Export Sales report showed cotton bookings at 313,487 RBs. That came via 67,296 RBs of old crop sales and 246k RBs of new crop (mostly to China). Cotton exports from the report were 276,959 RBs. That is down 13% wk/wk and 19% below the same week last MY. China was the destination for 38% of the week’s shipments, MYTD China has been the destination for 15% of exports. Cotton stocks as of the last Saturday of May were 1,662 RBs. Another 1,367 bales were sold on The Seam on Tuesday. Tuesday went for an average gross price of 53.18 cents/lb. The July 1 Cotlook A index was 90 points stronger at 68.85 c/lb. The AWP for cotton is 49.60 cents/lb, with an LDP of 2.4 cents. Both will be updated after the close.

Jul 20 Cotton is at 62.58, unch

Oct 20 Cotton is at 62.81, down 27 points

Dec 20 Cotton is at 62.68, down 6 points

Mar 21 Cotton is at 63.41, down 4 points

--- provided by Brugler Marketing & Management

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